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65 Unlimited company to provide for reserve share capital on conversion into limited Company.

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CHAPTER IV

Section 65 of Companies Act 2013

An unlimited company having a share capital may, by a resolution for registration as a limited company under this Act, do either or both of the following things, namely—

a.     increase the nominal amount of its share capital by increasing the nominal amount of each of its shares, subject to the condition that no part of the increased capital shall be capable of being called up except in the event and for the purposes of the company being wound up;

b.    provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up.

Short Notes:

  • This section came into force from September 12, 2013.
  • It seeks to provide that an unlimited company having a share capital may be converted into a limited company by increasing the nominal amount of each share.
  • It further provides that the company cannot call unpaid portion of share capital except in the event of winding up.

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